RCS Capital to buy broker-dealer Cetera for $1.15 billion in cash-Reuters

(Reuters) – RCS Capital Corp said it would buy independent broker-dealer Cetera Financial Group for about $1.15 billion in cash to grow its retail distribution business.

RCS Capital is buying Cetera from private equity firm Lightyear Capital LLC.

The company’s investment banking arm and Barclays were its financial advisers, while Bank of America Merrill Lynch advised Cetera.